What are the Historical Developments and Current Growth Metrics of the Electric Vehicle Power Electronics Market?
The electric vehicle power electronics market has seen considerable growth due to a variety of factors.
• In recent years, the market size for power electronics in electric vehicles has seen a significant expansion. It is projected to surge from $12.2 billion in 2024 to $16.69 billion in 2025, boasting a compound annual growth rate (CAGR) of 36.8%.
The substantial increase observed in the historic period may be due to factors such as tightened government rules and incentives, enhanced energy efficiency standards, environmental considerations, customer preferences and high fuel prices, affordability and lowering costs, as well as collaborations and investments.
What Does Future Hold for The Electric Vehicle Power Electronics Market By 2029?
The electric vehicle power electronics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of power electronics in electric vehicles promises a significant surge in the years to come. The projection entails that it will expand to a substantial $50.68 billion in 2029, soaring at a compound annual growth rate (CAGR) of 32.0%.
The growth trajectory projected for this period is the result of burgeoning population, escalating infotainment and electric vehicles, as well as the imperative need for affordable, eco-friendly means of transport. The future trend forecast indicates progress in battery technology, technological and product innovations.
What Are The Primary Growth Drivers In The Electric Vehicle Power Electronics Market?
Anticipations are that the electric vehicle power electronic market will experience considerable growth due to governmental efforts in managing environmental pollution. This is a reference to the steps taken to protect the environment and conserve natural resources, alongside simultaneously focusing on other policy goals like affordable energy and economic growth. Mitigation of environmental pollution through promotion of research and regulations for greater efficiency and sustainability of power electronic systems in electric vehicles is made possible by government initiatives. For instance, the U.S. Department of Transportation, in 2022, plans on ensuring that half of all new automobiles sold in the US by 2030 emit zero-emissions. It is also part of their plan to establish a network of 500,000 charging points that Americans can take advantage of during local or long-distance journeys effortlessly. Consequently, government efforts related to curtail environmental pollution are bolstering the expansion of the electric vehicle power electronic market.
What Is The Segmentation Of The Global Electric Vehicle Power Electronics Market?
The electric vehicle power electronics market covered in this report is segmented –
1) By Component: Microcontroller, Sensor
2) By Device Type: Power Integrated Circuit (IC), Direct Component, Module
3) By Material: Silicon, Silicon Carbide, Gallium Nitride, Gallium Arsenide, Germanium, Other Materials
4) By Electric Vehicle: Battey Electric Vehicle, Plug In Hybrid Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
5) By Application: Advanced Driver Assistance Systems (ADAS) And Safety, Body Control And Comfort, Infotainment, Telematics, Engine Management And Powertrain, Battey Management
Subsegments:
1) By Microcontroller: Digital Signal Processors (DSP), Application-Specific Integrated Circuits (ASIC), Field-Programmable Gate Arrays (FPGA), Embedded Microcontrollers (MCUs)
2) By Sensor: Current Sensors, Voltage Sensors, Temperature Sensors, Position Sensors, Speed Sensors
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How Are Emerging Trends Reshaping The Dynamics Of The Electric Vehicle Power Electronics Market?
Leading firms in the electric vehicle power electronic market are channeling their resources to innovating new technological units - one example being power semiconductor modules - in order to boost their market profitability. Essentially, a power semiconductor module fuses multiple power semiconductor components into a single entity. For example, Hitachi Energy Ltd., a technological organization based in Japan, launched a novel power semiconductor module dubbed Roadpak in May 2022. This gadget utilizes cutting-edge silicon carbide (SiC) technology, leading to impressive power density, heightened efficiency, and minimized power losses specific to electric vehicles. Such technology is instrumental in augmenting the performance of electric vehicles by enabling quicker charging, widening driving range, and guaranteeing smooth operation across the car's lifespan.
Who Are the Key Players In The Electric Vehicle Power Electronics Market?
Major companies operating in the electric vehicle power electronics market are:
• Robert Bosch GmbH
• Tesla Inc.
• Siemens AG
• Hitachi Automotive Systems Ltd.
• Denso Corporation
• Continental AG
• Hyundai Kefico Corporation
• Mitsubishi Electric Corporation
• Asea Brown Boveri Groups
• Toshiba Corporation
• Toyota Industries Corporation
• Valeo Corporation
• Texas Instruments
• Infineon Technologies AG
• NXP Semi Conductors
• Renesas Electronics
• OnSemi
• Microchip Technology
• Vishay Intertechnology
• Danfoss Corporation
• Fuji Electronic Co. Ltd.
• Delphi Technologies
• Hangzhou Tiecheng Information Technology
• Electrodrive Powertrain Solution Pvt. Ltd
What Are The Regional Insights Into The Electric Vehicle Power Electronics Market?
Asia-Pacific was the largest region in the electric vehicle power electronics market in 2024. The regions covered in the electric vehicle power electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
